Band Mayela Armas
CARACAS, October 28 (Reuters) – A commission convened by the Venezuelan opposition to investigate the situation of fertilizer producer Monomeros said in a preliminary report that former executives tried to bankrupt the company to allow a hostile takeover by a supplier .
Monomeros Colombo Venezolanos, a subsidiary of a unit owned by the Venezuelan state-owned oil company PDVSA, is overseen by Colombian regulators.
Earlier this month, the Venezuelan opposition agreed to create a five-member commission to investigate the situation at the company, which Venezuelan President Nicolas Maduro has demanded be placed under the control of his government.
The commission’s preliminary report, seen by Reuters on Thursday, says Monomeros has been the subject of “actions to drive it into financial viability” so that its supplier, Nitron Group, can potentially take over with help from ‘former rulers.
Nitron Group did not immediately respond to a request for comment.
“There is evidence that allows us to reasonably prove that people in managerial positions participated,” the report said.
“They could have generated an atmosphere of mistrust, provided incorrect information and carried out maneuvers against proprietary interests.”
The investigation into the company is expected to continue until it can be determined who was responsible for the alleged misconduct, Opposition Leader Juan Guaido said on Twitter.
Two opposition parties – Voluntad Popular and 16 de Julio – said they disagreed with the commission’s preliminary analysis.
Commission Member Bibiana Lucas told reporters on Thursday that “Monomeros is not bankrupt … he has a cash flow problem”, due to banking access problems.
(Reporting by Mayela Armas; Writing by Julia Symmes Cobb; Editing by Stephen Coates)
(([email protected]; + 57-316-389-7187))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.